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Losses on car and construction loans jumped sharply

Losses on car and construction loans jumped sharply

Losses on car and construction loans jumped sharply

Wachovia payday loans near me no bank account Corp. reported a $23.9-billion third-quarter loss Wednesday, the largest loss at any bank since the financial crisis began, reflecting the company’s terrible timing in acquiring California-based mortgage lender Golden West Financial Corp. two years ago.

Charlotte, N.C.-based Wachovia, which is being taken over by Wells Fargo & Co. after nearly collapsing last month, reported a host of problems.

By far the biggest contributor to the loss was an $18.7-billion charge to account for the eroded value of the company’s acquired businesses, mainly Golden West, the $24-billion purchase of which Wachovia completed in as housing prices peaked.

Oakland-based Golden West, which owned World Savings, was a pioneer in pay-option adjustable-rate mortgages, known as option ARMs, which allowed borrowers each month to opt for a payment so low that the loan balance went up instead of down.

The company’s loan portfolio appeared healthy when Wachovia inherited it, but began to spill red ink as the housing downturn intensified.

Wachovia’s results were far worse than Wall Street expected. It was the largest loss at any bank since the financial crisis began and possibly the largest quarterly loss ever, Cassidy said.

In other signs of trouble, bad loans on the company’s books jumped 21% during the quarter, deposits from business customers plunged and the bank recorded $2.5 billion in losses related to financial market disruptions such as the failures of Lehman Bros. Holdings Inc., Freddie Mac and Fannie Mae.

Wachovia added $6.6 billion to provisions for credit losses because of the weak economy and battered housing markets in California and Florida. Daha fazla hakkındaLosses on car and construction loans jumped sharply oku

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Online payday loans Chattanooga TN. Payday advances Chattanooga TN Segments

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